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Moody’s cut Hong Kong’s credit rating from Aa2 to Aa3, citing the city’s lack of “effective response” to nine months of protests against China.
The move by Moody’s follows an earlier downgrade from Fitch ratings in September last year.
However, the ratings agency changed the outlook from negative to stable.
Hong Kong has been embroiled in protests since June of last year, hurting the economy.
Moody’s downgraded Hong Kong’s credit rating after it cited the absence of an “effective response” from the Hong Kong government to the ongoing protests.
The rating was slashed from Aa2 to Aa3, Moody’s said in a statement on Monday. See the rest of the story at Business Insider
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